Sedgwick will build 15-story condo building in River North

The Bentham is among a small number of condo projects at a time when most investors are rental-focused

TRD CHICAGO /
Jul.July 03, 2018 03:00 PM

Sedgwick’s Marty Paris

Sedgwick Properties has been cleared to build a 15-story condo building in River North at a time when most investors are focusing on apartments.

The city granted Chicago-based Sedgwick the initial construction permit for The Bentham at 146 West Erie Street. The permit covers the foundation and first three floors, work that is expected to cost $4 million.

The building will have ground-floor retail, enclosed parking and 31 condos on floors 4-14.

Jameson Sotheby’s Realty is listing the units, which Curbed reported last year would start at $1.3 million.

In recent years, most multifamily development Downtown has occurred in the rental market, as builders and buyers alike found it more difficult to secure financing for condos post-crash, and a growing millennial workforce fed the need for apartments. Condo buildings have been more of a target for deconversion than development.

But there have been a few exceptions, most notably JDL Development’s 9 West Walton Street, which has dominated the list of most expensive sales since last year.

A number of large projects in the works also include condominiums, including Related Midwest’s One Bennett Park and former Chicago Spire site projects, Vista Tower and the condo tower known as 1000M at 1000 South Michigan Avenue from JK Equities, Time Equities and Oak Capital.


Related Articles

arrow_forward_ios
Belgravia co-CEO Jonathan McCulloch and 1147 W. Jackson Boulevard (Credit: Google Maps)

Belgravia plans another West Loop condo building

Airbnb CEO Brian Chesky with Pride Fest and Lollapalooza (Credit: Getty Images, North Halstead)

Chicago Airbnb hosts heads-up: Pride Fest, Lollapalooza among top-earning weekends

Renderings of The 12 development at 2500 W. Lexington St,

With over 50 homes in the pipeline, developer rebrands area “the New West”

Hilton Home2 Suites at 110 W. Huron Street and Akara founder and CEO Rajen Shastri (Credit: Hilton, Akara)

Akara Partners lands $57M refi on newly-built River North hotel

Frank Lloyd Wright and (from top) 301 S. Kenilworth Ave., Elmhurst; 239 Franklin Street, Glencoe; and 350 Fairbank Road, Riverside (Credit: Getty Images, iStock)

In Chicago’s residential market, the price is not Wright

Alderman Harry Osterman (48th) and a coach house in Dunning (Credit: Zillow)

Chicago may allow more granny flats amid affordability crisis

Developer Sam Goldman and an original rendering of the apartment building at 7000 N. Glenwood Ave. 

To avoid rezoning battle, developer cuts Heartland Cafe redevelopment plans in half

Dr. Kam Patel and 400 W. Huron tower

Can a $10M condo — not in No. 9 Walton — find a buyer?

arrow_forward_ios
Loading...